Sub-national Finances and Fiscal Consolidation: Walking on Thin Ice
Recent crises and national consolidation packages affected sub-national finances. In many OECD countries, central governments introduced reductions in transfers to sub-national governments, and established expenditure and/or deficit objectives to be met by local or regional authorities. Such measure...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2013
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| Schriftenreihe: | OECD Regional Development Working Papers
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| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Recent crises and national consolidation packages affected sub-national finances. In many OECD countries, central governments introduced reductions in transfers to sub-national governments, and established expenditure and/or deficit objectives to be met by local or regional authorities. Such measures have reduced the financial room of sub-national governments for implementing key public services or investments. In parallel, borrowing conditions deteriorated for many sub-national governments, as banks and financial markets became increasingly reluctant to lend. Since late 2008, financial markets started discriminating between high- and low-quality SNG bonds, and yields reached record-high levels for sub-national governments perceived as less creditworthy. Facing degraded finances, upward pressure on expenditures and deteriorated borrowing conditions, many sub-national governments have used public investment as an adjustment variable to reduce their budget deficits and preserve their spending on welfare, health or education. However, such policies may hinder long-term growth perspectives |
| Beschreibung: | 1 Online-Ressource (49 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/5k49m8cqkcf3-en |
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| spelling | Vammalle, Camila Verfasser aut Sub-national Finances and Fiscal Consolidation Walking on Thin Ice Camila Vammalle and Claudia Hulbert Paris OECD Publishing 2013 1 Online-Ressource (49 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Regional Development Working Papers Recent crises and national consolidation packages affected sub-national finances. In many OECD countries, central governments introduced reductions in transfers to sub-national governments, and established expenditure and/or deficit objectives to be met by local or regional authorities. Such measures have reduced the financial room of sub-national governments for implementing key public services or investments. In parallel, borrowing conditions deteriorated for many sub-national governments, as banks and financial markets became increasingly reluctant to lend. Since late 2008, financial markets started discriminating between high- and low-quality SNG bonds, and yields reached record-high levels for sub-national governments perceived as less creditworthy. Facing degraded finances, upward pressure on expenditures and deteriorated borrowing conditions, many sub-national governments have used public investment as an adjustment variable to reduce their budget deficits and preserve their spending on welfare, health or education. However, such policies may hinder long-term growth perspectives Finance and Investment Governance Urban, Rural and Regional Development Taxation Hulbert, Claudia ctb https://doi.org/10.1787/5k49m8cqkcf3-en Verlag kostenfrei Volltext |
| spellingShingle | Vammalle, Camila Sub-national Finances and Fiscal Consolidation Walking on Thin Ice Finance and Investment Governance Urban, Rural and Regional Development Taxation |
| title | Sub-national Finances and Fiscal Consolidation Walking on Thin Ice |
| title_auth | Sub-national Finances and Fiscal Consolidation Walking on Thin Ice |
| title_exact_search | Sub-national Finances and Fiscal Consolidation Walking on Thin Ice |
| title_exact_search_txtP | Sub-national Finances and Fiscal Consolidation Walking on Thin Ice |
| title_full | Sub-national Finances and Fiscal Consolidation Walking on Thin Ice Camila Vammalle and Claudia Hulbert |
| title_fullStr | Sub-national Finances and Fiscal Consolidation Walking on Thin Ice Camila Vammalle and Claudia Hulbert |
| title_full_unstemmed | Sub-national Finances and Fiscal Consolidation Walking on Thin Ice Camila Vammalle and Claudia Hulbert |
| title_short | Sub-national Finances and Fiscal Consolidation |
| title_sort | sub national finances and fiscal consolidation walking on thin ice |
| title_sub | Walking on Thin Ice |
| topic | Finance and Investment Governance Urban, Rural and Regional Development Taxation |
| topic_facet | Finance and Investment Governance Urban, Rural and Regional Development Taxation |
| url | https://doi.org/10.1787/5k49m8cqkcf3-en |
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